What Documents Are Required for a Mortgage Refinance?

What Documents Are Required for a Mortgage Refinance?

When applying for mortgage refinance, you have to submit some documents. So with the help of a Florida mortgage company agent you can do this easily and quickly

The process of refinancing a home mortgage has gotten easier in recent years, although there is still a comprehensive list of paperwork that you will need. Contact an experienced Florida mortgage company agent to help guide you through the process for all the information you will need on the new loan application.

If you are refinancing a home loan, you will need the following documents.

Mortgage refinance - These documents are a must!

Proof of income that is coming in to support your new monthly payments

You will need to prove either employment or a pension. Sometimes these can be your three most recent pay slips, signed and dated. Also, some Florida mortgage lenders will accept your three most recent bank statements as proof of income.

In the case of retirees, you will need to prove that there is a sustainable source of income coming in from either superannuation or investments.

Proof of all expenses

This is also known as your 'living expenses.' You will need to submit a list for approval detailing all your essential living expenses like electricity, gas, phone, and food. This is a necessary step in the loan approval process. Your application will not be approved if there are insufficient funds to cover these essential expenditures.

Details of any existing debts

A comprehensive list of all your current credit card limits and credit card limits outstanding must be provided. In case of a home loan, you will also need to disclose any higher debts than the 70% LVR ratio.

Details on your current employment

You will need to provide a copy of your current pay slip and a document from your employer stating your income and confirming your present employment status for this new loan application.

If you are mortgage-free, provide details of your settlement

This will be required if you are refinancing a home loan to release equity without having any debt on the new property.

Personal identification documents

A list of your government-issued ID is required for all borrowers who wish to apply for a home loan. These include your birth certificate, passport, and citizenship papers. You will also need a copy of your driver's license.

Details of all properties you own

Your property tax details and information on the current property loan must be included in your application if it is going to be considered for the new home loan.

Proof of legal ownership

If you are refinancing a home loan and the property is not in your name, you will need proof that the property is indeed yours and evidence of settlement for any properties you wish to include as part of your mortgage portfolio.

Landlord details

If you are a landlord and your home loan is currently secured against rental properties, you will need to provide the name of the current tenant and their tenancy agreement, as well as your tenancy contract.

Details on the current loan

If you are refinancing a home loan, you will need to provide all the details of your present finance, including rates and fees, as well as settlement dates for both your previous and current loans.

Loan to value appraisal

A calculation is made of the value of your home about the amount of money you are applying for. Therefore, you will need to provide any valuable information on the property.

Loan pre-approval

If you are refinancing a Florida mortgage loan, it may be possible for you to be pre-approved before submitting your application. This is a significant plus as it gives you plenty of time to find the best possible home loan for your circumstances.

Bottom Line

The above mentioned are the essential documents that one has to submit when applying for a home loan. However, this list is not exhaustive, and you may be required to provide more documentation depending on the nature of your application.

For this reason, it is always best to check with your Florida mortgage company agent before applying to avoid unnecessary delays in your refinancing process.